Solved by Expert Tutors
Solved by Expert Tutors
Question

Following the case study please complete the excel template that us pre-fill by tomorrow at 1pm.

ACCT567 Case Study I (Week 2) The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Debits Credits Cash $ 40,000 Taxes Receivable- Delinquent 142,000 Es±mated Uncollec±ble Taxes- Delinquent 9,100 Interest and Penal±es Receivable 32,000 Vouchers Payable 24,000 Budgetary Fund Balance-Reserve for Encumbrances 10,200 Fund Balance _________ 170,700 $ 214,000 $214,000 The informa±on that is being presented to you pertains to the transac±ons for the city of Middleville for the ²scal year ended June 30, 2012. 1. The following budget was adopted by the city council: Es±mated Revenues: Property Taxes $ 650,000 Fines and Penal±es 44,000 Licenses and Permits 150,000 Federal Grant 85,000 929,000 Appropria±ons and Other Financing Uses Public Safety 402,000 General Government 263,000 Public Works 102,000 Parks and Recrea±on 92,000 Transfers Out 34,000 893,000 2. Encumbrances outstanding at the end of the year were re-opened. 3. Property taxes of $ 660,000 were levied. It is es±mated that 2.5% of the property taxes levied are expected to be uncollec±ble/ 4. Purchase orders issued for the 2012 ²scal year were as follows: Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recrea±on, $ 98,000. 5. Cash collected for the Federal Grant from the Federal Government, $ 94,000. 6. Cash collected and transferred in as follows: Fines and Penal±es 43,000 Licenses and Permits 164,000 7. Cash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penal±es were collected.
Background image of page 1
8. Purchase orders issued in 2012 in the following amounts were Flled in at the following amounts: EsTmated Actual Public Safety $ 395,000 $ 393,600 General Government $ 259,000 $ 258,200 Public Works $ 100,000 $ 99,400 Parks and RecreaTon $ 98,000 $ 97,500 --------------- --------------- $ 852,000 $ 848,700 9. Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service ±und, $34,000. 10. Please reclassify the ²axes Receivable –Current and EsTmated UncollecTble ²axes- Change from Current to Delinquent. InstrucTons: a. Prepare journal entries for the Fscal year ending 2012. b. Prepare closing entries. c. Prepare a General ±und Statement of Revenues, Expenditures, and Changes in ±und Balance for the year ended June 30, 2012. d. Prepare a General ±und Balance Sheet as of June 30, 2012. Grading Rubric for Case Study 1: Category Points % DescripTon DocumentaTon & ±orma³ng 10 20% Project will be done in Excel and will contain formulas to receive maximum credit. OrganizaTon and Cohesiveness 15 30% CalculaTons for all parts should be organized and correctly labeled. Content 25 50% A quality case study will have all required work completed and will be correct. ²otal 50 100% A quality project will meet or exceed all of the above requirements.
Background image of page 2
Number Account Titles DR 1 Es±mated Revenues Appropria±ons Budgetary Fund Balance Part A - Ten Transac±ons
Background image of page 01
CR GF only or GF & GA
Background image of page 02
Show entire document

Step-by-step answer

sus ante, dapibus a molestie consequat, ultrices ac magna. Fusce d

ipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor s

Subscribe to view the full answer

Other answers

tesque dapibus efficitur laoreet. Nam risus ante, da

congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui

Subscribe to view the full answer

Subject: Accounting, Business

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Accounting tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes